Aarons 2003 Annual Report Download - page 2

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Aaron Rents, Inc., the industry leader in its market niche,
serves consumers and businesses through the sale and lease ownership, rental
and retailing of consumer electronics, residential and office furniture, household
appliances, computers and accessories. The Company operates over 850 stores
in the United States, Puerto Rico and Canada. The Company’s major operations
are the Aaron’s Sales & Lease Ownership division, the Rent-to-Rent division
and MacTavish Furniture Industries. MacTavish manufactures the majority of
the furniture rented, leased and sold in the
Company’s stores, operating ten facilities
in four states. Aaron Rents caters to the
moderate income consumer, offering
affordable payment plans, quality
merchandise and superior service. The
Company’s strategic focus is growing
the sales and lease ownership business
through the addition of new Company-
operated stores, by both internal expansion
and acquisition, as well as the successful
and expanding franchise program.
Financial Highlights . . . . . . . . . . . . . . . . 1
Letter to Shareholders . . . . . . . . . . . . . . . 2
Selected Financial Information . . . . . . . . 15
Management’s Discussion and
Analysis of Financial Condition
and Results of Operations . . . . . . . . . . . 16
Consolidated Balance Sheets . . . . . . . . . 23
Consolidated Statements of Earnings . . . 24
Consolidated Statements of
Shareholders’ Equity . . . . . . . . . . . . . . . 24
Consolidated Statements of Cash Flows . 25
Notes to Consolidated
Financial Statements . . . . . . . . . . . . . . . 26
Report of Independent Auditors . . . . . . . 34
Store Locations . . . . . . . . . . . . . . . . . . . 36
Board of Directors and Officers . . . . . . . 37
Corporate and Shareholder Information . 37
CONTENTS